As a diversified midstream energy company, NGL Energy Partners transports, treats, recycles, and disposes of produced water as part of the energy production process. It also stores, markets, and provides other logistics services for crude oil and liquid hydrocarbons. NGL Energy has three core business segments—water handling and disposal, crude oil logistics, and liquids and refined products marketing.
Various NGL acquisitions presented opportunities to consolidate accounting processes and replace legacy systems, including a data warehouse. With inconsistent processes across procurement and fixed asset management, supporting audit and compliance requirements was difficult and time consuming. Financial teams managed through these challenges but struggled to support the more granular needs of operations, such as project profitability analysis. Over time, these shortcomings were addressed with customizations that could not be modified or updated without a ripple effect on other systems or processes. These challenges grew as additional companies were acquired or divested, and scalability became an issue.
NGL Energy needed a single, reliable accounting and financial reporting platform that could provide decision-makers accurate information in real time.
With Oracle Cloud, we’ve consolidated many legacy accounting systems, improved our processes, and accelerated our reporting. We have higher-quality, consistent information available on a timely basis to make better business decisions.
EVP and CFO, NGL Energy Partners
NGL Energy’s leadership considered a wide range of options, including Microsoft Dynamics AX and SAP. Oracle Fusion Cloud ERP and Cloud EPM were selected because they best addressed the company’s challenges by establishing a single system of record and standardizing processes across accounting and performance management activities.
After migrating to Oracle, NGL’s accounting team established a single chart of accounts across all segments of the business that streamlines period-end reporting. With Oracle Accounting Hub, operations gets detailed and consistent customer and supplier information without added complexity to the consolidation and reporting process.
Many previously manual activities have been automated and standardized processes put in place across fixed asset management, procurement, financial planning, and compliance activities.
Oracle partner Perficient worked with NGL Energy’s internal teams to implement Oracle Cloud solutions for accounting, project portfolio management, financial close and consolidation, enterprise data management, planning, and procurement. The project was delivered remotely and completed in about 15 months. NGL worked to implement best practices into its system and process designs throughout the project and continues to focus on process consistency and improvements.